US and Iran Wrangle Over Terms, Trump-Xi Summit Confirmed, More
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What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now. I'm John Tucker.
And I'm Alexis Christophorus. Here are the stories we're following today.
Alexis, the rise in oil comes after the U.S. and Iran failed to agree on terms to end the war in the Middle East. The two sides rejecting each other's latest peace proposals to end the 10-week conflict. Let's get the very latest from Bloomberg's head of Middle East coverage, Stuart Livingstone Wallace.
What are the latest developments in the US-Iran conflict?
I think the key points of disagreement are pretty much everything. So that is specifically over the nuclear file, what happens to the enriched, highly enriched uranium that Iran is sitting on, what happens to control over Hormuz and the blockades, the double blockade that we've witnessed over the last several weeks, what happens to the proxies. the missile program, just about everything. So as far as we can tell, there's not a lot of common ground here. They don't seem to be moving towards something that potentially, you know, sets the clock ticking for a more definitive, long lasting peace agreement and then to the war.
Bloomberg's Stuart Livingston Wallace says President Trump has proposed that Iran permit passage through the Strait of Hormuz and Washington and its blockade on Iranian ports in the next month with nuclear talks to follow.
Israeli Prime Minister Benjamin Netanyahu says the U.S.-Israeli war with Iran is not over. He tells CBS's 60 Minutes there's nuclear material in the country that still needs to be removed.
I think it accomplished a great deal, but it's not over because there's still nuclear material. enriched uranium that has to be taken out of Iran. There is still enrichment sites that have to be dismantled.
What are the main points of disagreement between the US and Iran?
There are still proxies that Iran supports. There are ballistic missiles that they still want to produce. Now, we've degraded a lot of it, but all of that is still there, and there's work to be done.
Israeli Prime Minister Netanyahu says he would like to end U.S. financial support for Israel's military over the next decade.
And the standstill in the war comes as President Trump prepares to meet with China's Xi Jinping in Asia this week. Let's get that story from Bloomberg's Monica Ricks.
President Trump scheduled to meet with President Xi Jinping for a two-day summit in Beijing to discuss a trade framework that includes commodities such as Boeing aircraft, soybeans and rare earths, as well as export controls on AI semiconductors. U.S. Trade Representative Jameson Greer tells Bloomberg Iran will also be a big focus and China's purchases of Iranian oil.
We're looking for stability with China. We don't want this to be something that derails the broader relationship or any agreements that might come out of our meeting in Beijing.
The two leaders are expected to extend last year's trade truce. Monica Ricks, Bloomberg Radio.
Thanks, Monica. And ahead of that presidential summit, some cooperation between both sides. China says it dismantled a cross-border drug trafficking network in a joint operation with the U.S. The official Xinhua News Agency says China's Ministry of Public Security and the U.S. Drug Enforcement Administration have detained two Chinese and three American nationals suspected of drug trafficking.
And Treasury Secretary Scott Besson also making the trip to Asia, but his first stop is going to be in Japan. It's his third trip to Japan in a little more than a year as the Treasury Chief. Analysts say Besson's knowledge of Japan is unprecedented for a Treasury Secretary, and his comments on the country's economic policy are likely to be critical, with investors watching closely for any signs of tension during his visit.
And John, in Europe, UK Prime Minister Keir Starmer will make a last ditch effort to save his premiership today with a politically charged speech aimed at holding back calls for a leadership change. We get more from Bloomberg's James Woolcock in London.
Starmer has given many big speeches about resetting the direction before. And it has never been quite as bleak for him. We used the word disastrous just there.
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